Public Private

 

My career has spanned all of two jobs, in both of which I've had the pleasure of sitting at the intersection of the private and public sectors. It's from that vantage point that I make the following observations:

1. The vast majority of jobs are private sector jobs.

2. The vast majority of loans are made by private institutions.

3. The vast majority of houses are built by private entities.

4. There is a very real sense in which jobs, loans, and house are a matter of public interest.

How we square present private production with pressing public need is a meaty challenge:

A. For some, #1-#3 is the problem, and the solution is a wholesale revolution that wrests control from the private sector and gives it directly to the people, borne either of a mistrust of the private profit motive, a belief in public institutions, or both.

B. Others are less radical but clearly believe in significant regulation, oversight, and/or participation by the public sector into private sector functions and private sector entities. There is an appreciation of the efficient mechanism or at least inertia of private production, but a wariness about needing to check against greed and incompetence.

C. Still others desire a far-more laissez-faire approach, borne either of trust in free markets to achieve an efficient outcome or mistrust in public sector meddling to make things any better. Within this camp are those who couldn't care less about things like equity or environment, and those who do care and believe that those social objectives are best accomplish with as little government interference as possible.

I know people in all of these camps and have heard compelling arguments for each. My first four observations are unassailable, but what you do with that information is a matter of fierce debate. And it's not just intellectual discourse. Our economy, planet, and societal wellbeing depend on it.